we came up with this projection unimpaired and on nothing stronger than many late nights of diet pepsi and vending machine twinkies. carl? >> what a view into how this institution works. steve, can you stick around for the next one? don't go anywhere. >> sure. >> let's tune in to someone who informs those meetings william poole the president of the st. louis federal reserve. welcome. >> good to be with you. steve also. >> hey, bill. >> i'm sure you heard steve go through some of those and you heard steve's characterization. here is the times. they're going through these as we speak right now. they call it a sign of an institution finally lurking into action. is that how you recall it? >> no. i don't think that characterization is fair or accurate. what we did not know but i don't think many others did either, what we did not know is that there were so many banks that had a large, huge portfolios of sub prime paper, long-term, long maturity, sub prime, financed with very short-term commercial paper, a few weeks, and practically no capital. we should have understood that better and we di